02:05 PM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

After the earnings miss, we lower our target by $2 to $12, on forward P/FFO of 7.0x our 2024 FFO estimate, a discount to retail REIT peers (12.3x) due to MAC's high leverage profile (net debt to EBITDA of 9.5x). We cut our 2024 FFO estimate by $0.09 to $1.71 and 2025's by $0.10 to $1.74. MAC reported Q1 2024 FFO of $0.31 vs. $0.40, a $0.08 consensus miss. MAC also scrapped 2024 guidance, while undergoing a strategic review of how best to bring leverage down to more manageable levels (low 6's range) over next few years, which likely includes increased dispositions and/or additional equity issuance. Rental revenues dropped 3% Y/Y with same-store NOI excluding lease terminations, down 2% Y/Y. Portfolio occupancy improved to 93.4% vs. 92.2% Y/Y as overall leasing remains strong. Yet, we expect occupancy to face headwinds from here due to the recently announced Express bankruptcy. MAC has kept variable rate debt modest at 8% of total debt, but it has significant maturities due in 2024 ($403M) and 2025 ($1.1B).